Bitcoin News

With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countries for crypto adoption,” the latest Finder’s report has said. The report also noted that South Africa’s proportion of crypto owners holding bitcoin, 52%, is the third highest out of 26 countries.

Just Over Half Own BTC

According to Finder’s crypto adoption trends report for August 2022, about four million people, or 10% of South Africans, are cryptocurrency holders. With this crypto ownership rate, South Africa is ranked eighteenth out of twenty-six countries for crypto adoption, the Finder’s report said.

Also, according to the report, South Africa’s crypto ownership rate of 10% is five percentage points lower than the global average of 15%. Regarding the cryptocurrencies held or owned by South Africans, the report said half of the respondents own bitcoin while the remaining half is split between three altcoins.

“As it stands, roughly 5% of those surveyed in South Africa say they own Bitcoin (BTC), with 2% saying they own Ethereum (ETH), 2% own Dogecoin (DOGE) and 1% own Cardano (ADA),” the report said.

Men Account for a Large Share of Crypto Owners

Meanwhile, South Africa’s proportion of crypto owners that own bitcoin (52%) means the country is ranked third globally just behind Australia (60%) and Ghana (54%). The global average according to Finder’s report is 37%.

In terms of gender, the report found that out of South Africa’s 4 million cryptocurrency owners, men account for 65% of these individuals. Globally, Norway comes in with 74% of its crypto owners being men while Colombia and Vietnam are tied, with 56%.

In South Africa, those aged between 18 and 34 account for 45% of crypto owners. On the other hand, “those aged 55+ are the group least likely to own crypto, making up just 23% of crypto owners.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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